USD: The USD - Repatriation Only Just Starting ?

Global Investors continue to withdraw from Korea with another day of significant outflow alongside Thailand. 

• South Korea: Recorded outflows of -$1,283m Friday, bringing the 5-day total to -$4,436m. 2025 to date flows are -$8,530, m. The 5-day average is -$887m, the 20-day average is -$225m and the 100-day average of -$132m.
• Taiwan: Had inflows of +$19m as of the 2nd, with total outflows of -$3,124m over the past 5 days. YTD flows are negative at -$18,247. The 5-day average is -$625m, the 20-day average of -$505m and the 100-day average of -$256m.
• India: Had outflows of -$345m as of 3rd, with total inflows of $24m over the past 5 days.  YTD flows are negative -$14,006m.  The 5-day average is +$5m, the 20-day average of +$15m and the 100-day average of -$143m.
• Indonesia: Had inflows of $38m as of the 27/3, with total inflows of +$54m over the prior five days.  YTD flows are negative -$1,830m.  The 5-day average is +$11m, the 20-day average -$33m and the 100-day average -$34m
• Thailand: Recorded outflows of -$185m Friday, totaling -$202m over the past 5 days. YTD flows are negative at -$1,331m. The 5-day average is -$40m, the 20-day average of -$34m the 100-day average of -$19m.
• Malaysia: Recorded outflows of -$74m Friday, totaling -$195m over the past 5 days. YTD flows are negative at -$2,338m. The 5-day average is -$39m, the 20-day average of -$54m the 100-day average of -$37m.
• Philippines: Saw outflows of -$13m Friday, with net outflows of -$14m over the past 5 days. YTD flows are negative at -$229m. The 5-day average is -$3m, the 20-day average of +$1m the 100-day average of -$6m.

• The PBOC issued CNY93.5b of 7-day reverse repo at 1.5% during this morning’s operations.
• Today’s maturities CNY245.2bn
• Net liquidity withdrawal CNY151.7bn.
• The PBOC monitors and maintains liquidity in the interbank market through the issuance of reverse repo.
• The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average is at 1.53%, from Thursday’s close of 1.69%
• China’s overnight interbank repo rate is 1.79%, from Thursday’s close of 1.70%.
• China’s 7-day interbank repo rate is 1.70%, unchanged. 

TYM5 is stronger at 113-18, +16+ from closing levels in today's Asia-Pac session, but well off today’s high of 114-10.

• According to MNI's technicals team, focus for TYM5 is on technical resistance at 114-16 (2.000 proj of the Jan 13 - Feb 7 - Feb 12 price swing) after having breached round number resistance (114-03.5 high) on Friday.
• Cash US tsys are 4-14bps richer in Asia-Pac session after Friday’s solid gains.
• S&P 500 futures have pared their decline to less than 3% in today's Asia-Pac session from -5.4% earlier.
• Nevertheless, global markets realise that President Trump's tariff policies are not just a US problem and that a US recession has serious implications for global growth. A raft of Asian economies have reached out to the US looking to remove either levies on US imports or open trade talks. However, China unveiled a 34% duty on all US imports. This remains front centre in the minds of market participants as they attempt to digest the implications of this in the Asian session.
• On Friday, March jobs printed higher-than-expected but this gain was tempered slightly by a down-revision to the prior. The latest profile saw 228k after two weak months (111k Jan, 117k Feb) which in turn followed two booming months (261k Nov, 323k Dec).